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Analyst
Bert Donnes
Period: Reporting periods mapped to calendar 2024 Q4 – 2025 Q3 (4 quarters; questions recorded in 2).
- Questions
- 6on tracked calls
- Challenge rate
- 17%1 of 6 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 2with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 6 of 6 questions from 2 companies
EQTEQT Corporation4 questions · 2 reporting periods · 1 of 4 challenging
Calendar 2025 Q3
is there also a discussion to potentially take some equity in a power project? Or is that not even on the table
Show response
Toby confirmed capital-light strategy, infrastructure funded by others, returns don't compete with core business, accessing value potential without equity stakes.
at a time, there was an idea that maybe a consortium of smaller E and Ps could potentially piece together a power deal. Is that no longer the case
Show response
Toby dismissed the consortium idea, projects are multi-gigawatt requiring 1.5+ Bcf/d, investment-grade credit, and scale that smaller peers can't provide. Jeremy added more parties reduce efficiency.
Calendar 2024 Q4
if the hyperscalers are trying to get around maybe paying up for EQT premium assets
Show response
Toby argued EQT's one-stop-shop integrated solution beats assembling multiple counterparties, especially post-Stargate when tech companies are prioritizing speed.
is it leaning towards a premium to an index or maybe a fixed pricing
Show response
Jeremy indicated both fixed and index-plus structures are on the table, priced at indifference points, with flexibility being a key competitive advantage.
EXEExpand Energy2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
maybe what are your thoughts on how involved you need to be in the project? I guess where on the spectrum do you fall
Show response
Nick said Expand is open to various structures but cognizant of cost of capital. Believes the company is capable of sole-supplier arrangements given scale, IG balance sheet, and delivery capabilities.
could you maybe talk about if you're seeing availability of transportation pickups? I mean, is -- are there roll-offs of other operators
Show response
Nick cited capacity roll-offs from other operators, in-basin demand growth from data centers, and new infrastructure discussions as catalysts for potential Appalachian growth.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| EQT EQT Corporation | 4 | 25%1 of 4 questions |
| EXE Expand Energy | 2 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 4 | 25%1 of 4 questions | 2 |
| 2025 Q1 | No questions recorded | — | — |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
- 2024 Q44 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2025 Q1No questions recorded
- 2025 Q2No questions recorded
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Cloud & AI4
- Demand3
- Competitive Dynamics2
- Capital Allocation1
- Pricing1
- Supply Chain1